Case Study
Sue and Alma, both members of the Class of '52,
owned paid up life insurance policies that were no longer needed for their
original purposes. They decided to donate the policies to Smith. The process
was simple: Sue and Alma named Smith College as owner and beneficiary of their
policies, Smith surrendered the policies to realize the funds immediately,
and Sue and Alma claimed charitable income tax deductions for the surrender
value of their policies. (Donors are responsible for obtaining an independent
qualified appraisal of the policy.)
"We no longer needed the policy for its original intention, and the money
wasn't growing for us. The cash value was close to the face value, and it pleased
me that I could use the policy to make a gift to Smith. It was a simple process,
and I was able to get the gift matched as well!"
-Alma '52
"It was an easy decision to make. The asset was there and not needed anymore.
Smith's mission is very important to me, so what better way to use the policy
than to support my college? In today's world, Smith is an exciting place to
be, and I was happy to complete the gift in honor of my 50th reunion."
-Sue '52 |
